Why saving for retirement should be mandatory

Kenya, like many nations seeking to develop expediently, is pursuing economic development through a capitalist economic system. This has over the years led to changes to social and economic lifestyles, arising from the transition we have had to make from a once traditional system to a modem capitalistic lifestyle.

One area of life that has undergone a radical change is that of social security - particularly with regard to poverty in old age. In the traditional African society, social security systems were assured. These took the form of practices and social norms that ensured that the elderly were taken care of by other members of the society. The socio-economic changes are increasingly leading to a breakdown in traditional systems of old age security.